Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Wuxi Biologics, HKEx, Country Garden, and outflows from Meituan, ICBC, China Pacific, COSCO Shipping, Xiaomi.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Wuxi Biologics, HKEx, Country Garden, and outflows from Meituan, ICBC, China Pacific, COSCO Shipping, Xiaomi.


Hong Kong Connect Flows Monthly: $7bn Inflows in November

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 25th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Tencent, China Mobile, Kuaishou, Xpeng, and outflows from Meituan, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent, China Mobile, Kuaishou, Xpeng, and outflows from Meituan, Li Ning.


Hong Kong Connect Flows (Nov 25th): Tencent, China Mobile, Kuaishou, Xpeng, Meituan, Li Ning

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 18th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent (700 HK), HKEx (388 HK), Innovent (1801 HK). </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 18th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent (700 HK), HKEx (388 HK), Innovent (1801 HK). 


HK Short Interest Weekly: Tencent, HKEx, Innovent

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a>, a spicy snack food company in China, aims to raise around US$200m in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we will talk about the updates from the recently re-refiled PHIP.</li>
</ul>



Weilong Delicious Global (WDG HK), a spicy snack food company in China, aims to raise around US$200m in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we will talk about the updates from the recently re-refiled PHIP.


Weilong Delicious Global Pre-IPO - Latest PHIP Updates - No Growth

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Lower losses for investment business and sportswear retailing have contributed to a 48.4% reduction in losses for 1H FY23 at <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang Group Co (3818 HK)</a>.</li>
<li>The resumption of interim special dividend is a welcoming sign. Inventory clearance, store optimisation, cost reduction and growth at the PHENIX ski wear brands are positive drivers.</li>
<li>Its market capitalisation of HK$1.88bn represents a steep discount of 79% to its cash and investment portfolio of Rmb8.46bn, and this also means sportswear business is free.</li>
</ul>


Lower losses for investment business and sportswear retailing have contributed to a 48.4% reduction in losses for 1H FY23 at China Dongxiang Group Co (3818 HK).
The resumption of interim special dividend is a welcoming sign. Inventory clearance, store optimisation, cost reduction and growth at the PHENIX ski wear brands are positive drivers.
Its market capitalisation of HK$1.88bn represents a steep discount of 79% to its cash and investment portfolio of Rmb8.46bn, and this also means sportswear business is free.


China Dongxiang (3818 HK): Losses Narrowing Down, a Good Sign

China

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

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Li Ning (2331 HK)

Hong Kong Connect Flows Monthly: $7bn Inflows in November

We analyzed the Hong Kong Connect Scheme for November and highlight flows for Tencent, Wuxi Biologics, HKEx, Country Garden, Meituan, ICBC, China...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 25th): Tencent, China Mobile, Kuaishou, Xpeng, Meituan, Li Ning

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, Kuaishou, Xpeng, Meituan, Li Ning.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, HKEx, Innovent

We analyzed the latest HK SFC report for aggregate short position as of Nov 18th and highlight short interest changes in Tencent, HKEx, Innovent...

Ke Yan, CFA, FRM

Weilong Delicious Global Pre-IPO - Latest PHIP Updates - No Growth

Weilong Delicious Global (WDG HK), a spicy snack food company in China, aims to raise around US$200m in its Hong Kong IPO.

Sumeet Singh

China Dongxiang (3818 HK): Losses Narrowing Down, a Good Sign

Sharply lower losses and resumption of interim dividends should clear concerns on negative equity market and weak sportswear retailing. Share price...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)